CSRC approves Unitree Technology's IPO registration

China’s securities regulator, the China Securities Regulatory Commission (CSRC), approved the IPO registration of Unitree Robotics, also referred to as 宇树科技股份有限公司, clearing a final regulatory step toward a Shanghai listing. According to the South China Morning Post, the company plans to raise about 4.2 billion yuan ($618.4 million) by selling at least 40.4 million shares on the Shanghai Stock Exchange’s STAR Market, representing at least 10% of the company and implying a valuation of about 42 billion yuan ($6.18 billion). Unitree could debut as early as late July. The company reported 1.7 billion yuan ($250.4 million) in revenue last year and 591 million yuan ($87 million) in adjusted profit, and said IPO proceeds will be used to develop robot “brains,” support research on robot bodies and fund new products.